Pin Bar on GBP/USD

Pin Bar on GBP/USD

Since the beginning of this month, there have been aggressive purchases of GBP/USD. Nevertheless, the correction is not ruled out in the near future. Near the round level of 1.39000, a classic pattern of the Price Action, Pin Bar, was formed, which acts as a reversal formation. At the moment, the price is testing the local support of 1.38100. We recommend you to pay attention to this situation.

If the price fixes below 1.38100, it is necessary to consider sales of GBP/USD. The closest target for fixing profit is the level of 1.37400. In the medium term, GBP/USD may reach 1.36650-1.36000. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex, 2018.01.18

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more